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Sasha Learns  How to Buy a House - the Players

Sasha Learns: How to Buy a House - The Players

When you buy a home for the first time or even your 100th, there is a group of people you need to work with to get the home purchase accomplished. In a previous post we talked a lot about Finding a Realtor, but today we'll be more focused on the other players who help make your dream a reality.

Who is the…

….Mortgage Lender

We had previously talked about the Pre-Approval Process in another post, but we didn't get into specifics about the mortgage lender. The mortgage lender and their team are the people who get the financing approved for you to buy your house. You have a choice to work with any mortgage lender you want; just because your realtor recommends someone doesn't mean they are a good fit for you. Not all lenders use the same scoring system, so you may have a better score or rate depending upon the financial institution. Karen covered this exact situation in the post about Fico 9.

To find a good mortgage lender, check out their reviews online or ask your friends/family for recommendations. Also find out what interest rates are in your state and how your credit score will impact the rate you can get from the Consumer Financial Protection Bureau.

…The Lawyer

Using a knowledgeable real estate attorney will be helpful during your home purchasing process. We had a lawyer to help us review our home inspection as well as read over our contract and make any changes we needed. An attorney will help with any issues that may come up. One thing to note is that most attorneys' charge by the hour, if you are fortunate to find an attorney that has a flat fee for the whole process then that may be the more affordable option. We used our attorney to change the date of our closing, get a small credit on an issue with our house as well as getting information on our plat of land.

…The Insurance Agent

You probably already have auto insurance but it's time to get homeowner's insurance! In order for the purchase of your house to go through you'll need to prove to your mortgage lender that you have homeowner's insurance in place. Getting a quote from insurance providers is easy, but making sure you have the right coverage is important. You'll want to make sure you get replacement cost coverage for your items, as well make sure you qualify for all the right discounts. If you have an alarm system for your house or a new roof - the insurance agent needs to know that! Remember to shop around for insurance, and bundle your home and auto for extra discounts!

These are only a few of the key players who help you in the purchase of your first house, but you may have more players for a radon, termite and home inspection! In the next few weeks, be on the lookout for future posts about the Escrow account, closing and moving in!

This post continues a series on Sasha's journey through the puzzling world of buying a house for the first time. You can find other posts in the series by clicking Home Ownership in the Category list on the right side of this page.

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